Centrifugal Blood Pump Market: Overview

Centrifugal blood pumps have been mainstreamed in routine cardiac surgeries for more than one decade now. Ventricular assist devices have been popularized in providing short-term support in biventricular assistance. The centrifugal blood pump market earned good revenues from their use as mechanical assist devices for heart failure.

Over the years, such devices have seen remarkable advances in design as well as the materials used, so that thrombosis rate is reduced and biologically safe. Growing array of biocompatible surface options has expanded the option for centrifugal pumps in the centrifugal blood pumps market. They also result in low haemolysis. Advancements have been witnessed in motor technologies and are key part of design characteristics for improving surgical outcomes. Advanced motors are used in maximizing pump flow and reduce adverse thrombosis events.

The study on the centrifugal blood pumps market offers an elaborate assessment of key growth areas, such technological advances such as in motors, and the success rate of devices in key indications.

The research offers an in-depth insight into the share and size of key regional segments and tracks the regulations that might spur new investments, creating new avenues.

Centrifugal Blood Pump Market: Key Trends

Advances in cardiac assist devices are associated with less incidence of adverse events such as less hemolysis, derangement of liver function tests (LFT) post procedure, and thromboembolic events. Growing adoption of such pumps for critically ill patients with myocardial infarction is bolstering demand in the centrifugal blood pumps market.

Over the years, developed as well as developing nations have seen the growing numbers of advanced interventional cardiac procedures. Moreover, growing demand for cardiac assist devices for cardiopulmonary bypass is boosting the growth of the centrifugal blood pumps market.

Advent of third-generation ventricular assist devices has opened new avenues in the centrifugal blood pumps market. These consists of motors that are made of high-performing molded plastics, and have actively magnetically levitated rotors. The growing indication of such pumps is a key trend boosting the market. Further, steadily growing indications of the use in cardiac transplants in recent years has bolstered the prospects in the centrifugal blood pumps market.

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Centrifugal Blood Pump Market: Competitive Analysis and Key Developments

Several manufacturers in centrifugal blood pumps market are developing devices that have increased hemocompatibility and reduced thrombogenicity, with an aim to develop devices with high clinical outcomes. Top players are keen on bringing advances in third-generation ventricular assist devices for critical cardiopulmonary surgeries. Few manufacturers have shown their competencies in “bridge-to-decision” device and have equipped their devices with bearingless motor technology.

Numerous medical device manufacturers are exploring new revenue streams in patients who need long-term LVAD. Several players are making incessant efforts to get the devices approved by the FDA for more than one indication, though off-label use is popular in some quarter. For instance, for instance off-label use as a LVAD is common for longer period, typically more than six hours. The case in point is CentriMag Circulatory Support System by Abbott.

Some of the well-entrenched players looking for sizable stakes in the centrifugal blood pumps market are Thoratec Corporation, Baxter International, Kyocera Corporation, 3-M Health Care, St. Jude Medical, Inc., Bio-Medicus, Inc., and Medtronic.

Centrifugal Blood Pump Market: Regional Assessment

The centrifugal blood pumps market has been witnessing sizable revenues in North America and Europe, especially in Western Europe. North America has the presence of several local suppliers and top global players. The U.S. has seen the vast uptake of next-gen VAD in critically ill patients. Revenues in the regional market are also thriving on the back of favorable outlook of regulatory framework.

On the other hand, Asia Pacific is a promising regional market. Its growth is expected to be fueled by emergence of manufacturing units by top players. Also, growing number of cardiac surgeries is also expect to boost the avenues.

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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